Prominent economist Mohamed El-Erian sees a future in which an “officially sanctioned” cryptocurrency will exist.

Going Cashless

“We are moving away from cash,” El-Erian says. “Go to Sweden and you’ll see how fast.”

In Sweden, just 2% of the country’s transactions are conducted with cash, and that number is expected to decline further down to 0.5% by 2020. Countries like Canada, the US, and the UK show similar stats.

Despite his predictions, El-Erian understands that we are still years away from cryptocurrency US dollars: Read more...

Mark Carney, the governor of the United Kingdom’s central bank – the Bank of England – spoke on a recent panel in Stockholm on the future of central banking where he stated that he is open-minded about the idea of a central-bank-issued digital currency. Could this be a sign that Carney is re-thinking his previously anti-crypto views?

A Softer Stance from the Bank of England

According to a report from Bloomberg, while the governor admitted openness to the idea, he was quick to point out that a central-bank-issued digital currency was not yet on the horizon. He added that cryptocurrencies do not perform the role of money. While not exactly ringing endorsement, it is nonetheless a far cry from his previous dismissal of Bitcoin as a failed currency and store of value. Read more...

Arrest warrants have reportedly been issued to three employees of a small South Korean cryptocurrency exchange, including its representative director. The three are “suspected [of] fraud and embezzlement,” according to local media.

Arrest Warrants for Crypto Exchange’s Employees

On Monday, local media reported that arrest warrants have been issued to employees of a South Korean cryptocurrency exchange. “Three of the company’s executives, who operate virtual currency trading site HTS Coin, were arrested for [suspicion of] fraud and embezzlement,” Money Today wrote. Read more...